Why Everyone Is Broke.

[@AccordingtoNicole]

Get your .Online Domain for $0.99 at get.online/nicole3 with code NICOLE

[@peterwulff469]

- you are of course right about the necessity of having an emergency fund. However, a rather large part of the population cannot save up because they simply cannot deny themselves junkfood, cigarettes, a larger flat screen et cetera. No self disciplin, no self control.

[@Chicago48]

Click bait. NOT everyone is broke. There are more millionaires in the US than ever before. The problem is the JONESES. People look at their neighborhood who has 2 cars and think THEY should have 2 cars. Overspending. Not budgeting. Overuse of Credit cards.

[@billspencer8540]

One man's debt is another man's asset. - Brilliant

[@RandyTemple-bs]

When i was twenty, back in the mid eighties, my income was 400 a week and my rent, for a one bedroom apt, was 385 a month. Rents today are evilly priced.

[@Jumpman67]

Rent is priced accordingly in most places. The costs of everything else has risen dramatically so rents are going to go up as well. Prices of homes are high, the rates at which you can get a loan are also high. Costs to fix things are high. Insurance is super high. Property taxes have also increased since property values have gone up. I don't have any rental property but I looked into it a bout 4 years ago and it was too expensive for me.

[@Newlinjim]

All these increases are the result of government money printing eating the purchasing power of income=inflation.

[@RandyTemple-bs]

@@Jumpman67 No. Rent has increased at a much higher rate. Regardless, property taxes, insurance and fixing things are no match for a monthly budget when compared to rent.

[@2avcrm]

@@Jumpman67 The federal government in the US is suing RealPage which corporate landlords for rent fixing. They are most defiantly not printed accordingly.

[@mikesteelheart]

Did things start to get worse in the later 80's?

[@CherylthPearl]

Thank you so much for mentioning “Corporate Greed…aka Greedflation.” Many people are mistaking greedflation for inflation. It can’t be economic inflation if corporations are making Billion dollar profits during the same timeframe 😳. Thanks for shining a light on this😊🌺

[@leonbeale5431]

A recent study in Australia has shown the 69% of the inflation in recent years can be attributed to a small group of large corporations extracting super-profits from their customers. Wage inflation is relatively small. Our successive governments have allowed a very monopolistic environment to grow over time, so we only have two main supermarket chains, four banks and the same with energy providers etc. These corporations have used the chaos of the past five years to increase prices and profits to ridiculous levels, often citing inflation as a cause, whilst actually fuelling inflation themselves.

[@unikornkontroller]

I agree with everything here except being self-employed and raising rates. I've been self-employed for 13 years and yes, I've raised my rates but you risk losing clients in the process. It's true you can "level up" your client quality by raising your rates but it's also simple economics of supply and demand. It's not so simple as raising prices if there's nobody who will pay it.

[@DeanHasAnOpionion]

Just like changing jobs to increase your wages, as a self employed individual you need to add/change clientele to make more money. Another way is to write in automatic inflation increases into your client agreement. People get used to paying a certain amount for things and don't like paying more. You could also add to your offering and charge a premium. Just some thoughts.

[@trapspamalot]

@@DeanHasAnOpionion I was self employed for most of my life. You must live by this rule: Price, Quality or Service… pick any 2, you can’t have all three. I always used quality materials, gave good service, and I was generally cheaper than my competitors. The result was that I had plenty of business and happy customers. But the downside is you won’t make any net profit. Everytime you give a discount it comes straight out of your pocket. When it comes time to hire help you won’t be able to afford it, you won’t have the funds to replace your tools or vehicles and you wont have any savings when you’re old. After 20 years of struggling I was burned out. I had to sell the business that it took me 20 years to build and start over. ☹️ I used to think by raising prices that I would also loose customers. Guess what, the few customers you would loose are the ones you don’t want.

[@unikornkontroller]

@@DeanHasAnOpionion For sure. What she’s saying is partially true. You can give yourself a raise but you can’t just charge anything and expect things to always work out. I’ve tried that :)

[@oscarromero3874]

Also, raising your rates would be the same as corporations are doing right now. Pure evil, she said?

[@spilledit]

They need to get rid of huge corporations so the small businesses can thrive and fix the economy.

[@skygirl2071]

Great video! One thing I never hear people talk about is how the government piggy backs taxes. You buy used clothes or used books that have already had taxes paid on it once when it was purchased new and now gets charged with taxes again, possibly multiple times. There should be a law against this.

[@Abby-ug4xc]

Why is that a bad thing? Taxes aren't inherently bad, they help society function if used responsibly. Problem is when they're not and are used for things like war and corruption instead

[@mrjuvy49]

Some charities tax free, check you state

[@xGarrettThiefx]

I agree, let someone else buy the product first and let them carry all of the risk on the initial purchase.

[@RealHomeRecording]

Buy from a yard sale...no tax!

[@WAN2TREE4]

Yup, and taxing is the law.

[@lovetodaylisa3967]

im not rich yet but I don't have debt and i think that is what has saved me. I am free!

[@suzannaflores1164]

Me too ❤

[@cherylT321]

Ditto!

[@SuperKanuuna]

Are you working? if yes, you are not free

[@peterwulff469]

- exactly.

[@esterdrass4964]

Debt free is being rich today. I am scared for what is happening out there. Years ago, most people only had one cc. Their limits were into the hundreds, not thousands. You couldn't use your cc everywhere like today, it was used at gas stations and shops but not grocery stores and we didn't have online anything. Its so easy for everyone to get into debt.

[@Alverant]

Business leaders would rather spend millions buying politicians rather than paying their employees more.

[@PenniP]

I was asking my 20yo nephew if he wanted to learn about investing. He said he didn’t have enough to invest. I told him it could be as little as $50 a month. He was shocked! I think MANY people think you need $1000+ to start investing. I wish people were taught personal finance in high school or at least first year of college. 😢 P.S. Hugs to Levi!

[@markbernier8434]

Online brokerages are selling fractional shares now. You could start with $10 and random amounts after that. Long gone are the days when you had to buy floor lots (usually 100 shares) through what they called "open outcry" trading priced in 1/8ths of a dollar increments.

[@brucestiles6477]

FYI, Fidelity, Schwab, and Vanguard each have a Total Stock Market Index Fund that with an initial investment of $1, and subsequent investments of $1. Vanguard requires a $3000 minimum if you are buying in a "regular" brokerage account (Fidelity and Schwab still allow only $1), but for Traditional and Roth IRAs Vanguard's minimum to begin is $1. Your nephew could set up recurring electronic transfers of as little as $1, and also set up automatic recurring purchases for the same amount a couple days after the transfer date. He could also (and in addition) make one-time manual electronic transfers and make a manual purchase for each amount transferred, after the funds arrived. Historically, the average inflation-adjusted of the S&P 500 is 6.5%. If your 20-year-old nephew invested $1 in a Roth IRA (assuming that he has earned income) and got that return, then in 45 years (when he is 65 years old) that dollar would have grown to $17 (tax-free) *in terms of today's money.* The investment results get less rewarding as the years go by, which means that the earlier he starts (with any amount) the better. This information should incentivize him.

[@UnknownNev]

I know Vanguard required something like $3,000 minimum when I last looked earlier this year.

[@brucestiles6477]

@@UnknownNev Vanguard's $3000 minimum requirement is only for non-IRA accounts. Fidelity, Schwab, and Vanguard all have their own Total Stock Market Index Funds that for Traditional and Roth IRAs require only $1 initial investment, and $1 subsequent investments.

[@bufordghoons9981]

Corporate greed is certainly a factor. Restaurants lost revenue during Covid so they heavily raised prices to try and get that money back. These places have priced me out so I rarely eat out anymore.

[@GregMacDougall-m3n]

I'm happy about two episodes a week. Please make '' How to'' videos, I.E. how to buy a house, or a car, benefits of filing bankruptcy and the good stuff; how to start a small business etc...

[@noseefood1943]

My rent went up 50% since 2020, food gas all went up 50-100% I'll be living in my suv soon.

[@angiewolf8189]

Yikes!

[@bridge7528]

Wow! I’m a landlord of a duplex. My husband and I have raised the rent $50 since 2020.

[@kjmav10135]

@@bridge7528It’s the absentee, corporate landlords who are going crazy with rent increases. At the last apartment complex I lived in, the corporate landlord proposed raising my rent by $200 a month, so I moved to a smaller apartment in another complex. The corporate landlord here raised my rent by $150 a month. This is the United States today. Who can afford this?

[@erichartke4331]

I really appreciate your no nonsense approach.

[@djglxxii]

Blaming inflation on corporate greed oversimplifies a complex issue. We don’t always see the full picture of the factors driving costs, such as supply chain disruptions, labor shortages, and rising fuel prices, which all affect businesses. Plus, grocery stores typically operate on very low profit margins-often around 1-3%. This suggests that even small increases in their costs can have a big impact on prices. It's not just about profit; it's about staying viable in a challenging economic environment.

[@Nick-ue7iw]

Yuuup. Look at margin percentages, not just numbers. If corpos were all so greedy and rich why do they keep going bankrupt?

[@philmarsh7723]

I agree. Why would corporations suddenly become more greedy in 2021-2024? Why did they wait to be greedy? I think we need to look more at the business environment as to whether our government policies encourage competition.

[@alinatamashevich3354]

The fun time "toy" money is gone! Look around, people off loading Motorcycles, Jet Ski's , RV's, you name it. When that "free" money dried up, hard times were coming.

[@beth3535]

Priorities are changing.

[@alinatamashevich3354]

@@beth3535 Yes, to broke.

[@Thedesertguy75]

Everyone is trying to sell their stuff now, the well is nearly dry. Broke is an understatement

[@esterdrass4964]

The RV industry. During the pandemic everyone was just buying RVs without questions. There was a shortage of them. They companies were pumping them out as fast as they could to keep up with the demand. The interest rates skyrocketed; the price of the RV rose of course. Now, I see them for sale all over marketplace. Most of them were made so poorly they were mostly unusable.

[@helenarichard]

Yep I sold my car, and tons of stuff on second hand website. Not that I am in dire need of money. I just really hate consumption since covid and stuff too. So much that I just threw it out when it didn't sell.

[@Thedesertguy75]

@@helenarichard it's amazing how much better I felt once I let stuff go

[@keithakers5871]

Yup, I'm trying to sell my stuff & having a hard time finding buyers, those I have sold to barely speak any English & have $100 dollar bills to pay 🤔 I'm $20,000 in debt, it's my fault though. Guess I better get my cardboard box house ready.

[@Thedesertguy75]

@@keithakers5871 hopefully not yet

[@lisaorth3255]

I like how you give good financial advice/guidance without putting on an air or scolding. Some of these other channels are so smug.

[@jeremiahbullfrog9288]

"Corporate greed" have nothing on "government greed." Please do a project on all the levels of taxation (including burden of compliance) sucking value from every citizen continuously and with dire consequences. Not to mention inflation caused by printing more and more money with reckless abandon. Cheers

[@dangerousdays2052]

I don't think you understand how taxation and government spending work. Where do you think all our taxes are going? Here's a hint, it's not towards programs that benefit us like healthcare, infrastructure, and education. It's mostly going into the pockets of big corporations in the form of arms deals and multi-million dollar subsidies for big companies like Amazon and Microsoft which pay nothing in taxes. Our government is literally just a shadow of the predatory capitalist power structure that we live in.

[@Madchris8828]

It's wild to me how bad spending in govs are

[@dangerousdays2052]

Not true. Most of our taxes go straight into he pockets of big corporations through the form of government contracts and subsidies. Why do you think lobbying exists?

[@StevenCovey-ct3sx]

Absolutely correct. The tax rates are insane. People at work turn down overtime because of the tax rates. These are good workers.

[@dangerousdays2052]

@@StevenCovey-ct3sx She did a video on that. If you turn down overtime because of tax rates you're losing a huge amount of money because of the way tax brackets work.

[@isozen6138]

Thanks Nicole! You are a big part of what made me quit 100K Corporate Accounting hell and start my own business. I'll always be a subscriber!

[@Debraa-h7d]

SUCH A CUTE PUPPY!!

[@SummitMan165]

Very good episode Nicole!!

[@jeffocks793]

I agree. Especially with the rent forever stuff you thought you'd 'bought' like cars and Microsoft Leechware. I bought a car for gbp25K new some years back. It keeps going. I looked at a new model, it's 45K. That's 10K down, then paying 400 a month for 5 yrs then pay another 10K at the end to own it, or get another similar deal. Insane. How did that happen?

[@BrettKuntz]

My co-worker was telling me about his new cell phone; he didn't know what it cost, and he was making payments. His payment is $190 a month. Yow!!!

[@stevestruthers6180]

Early this year, I paid off the remaining balance on my phone finance contract and turned in the phone. A friend gave me his old iPhone XR and it works perfectly. I expect it will last at least another year. Then I got pay-as-you-go phone service for $30.00 per month that includes a small data plan. As I'm retired now, I hardly leave the house, so don't need a huge amount of data. Nor do I need the latest and greatest technology. I just need a phone that works. My phone bill dropped from $115.00 per month to just $30. That's a drop of $85.00. When my current phone dies, my next phone will be used, or a lower-end phone I can afford to buy outright.

[@MandyGood]

Mine is 150 for two phones and both have payments

[@boniw698]

When we as consumers just stop buying the items that corporations refuse to lower prices on. They will lower prices.

[@esterdrass4964]

Corporations are taking over vets, dentists, senior living...They are running them like a bank. My friend took his dog to a vet because she wasn't eating. They did x-rays, scans, blood test, sent her out to another place to test her insides bla bla bla, over three grand later, the staff asked if there was something going on at home...he said his daughter went to college and it was decided the dog wasn't eating because she was depressed the daughter wasn't home. Now years ago, I worked at a vet's office and when someone brought their pet in because of something like that, the vet would ask...is there something different going on at home? It's just different now.

[@missreynolds3637]

​@@esterdrass4964 true and that's not a good thing either.

[@missreynolds3637]

Yep don't feed the greed.

[@TheBigdog868]

​@esterdrass4964 Vets (and doctors) will throw every test at you. No stone will be left unturned. No cost is too high. This is not because they're trying to give amazing doctoring. They simply fear you will sue them if they miss something! If you don't feel some of the tests are needed, you can say no. Once they offer them, their liability is satisfied.

[@mikehamilton1153]

Thank you Nicole. You ARE speaking truth to power. Some years ago Corporations were recognized for the greedy, power hungry, Manipulative entities they are. But in the last couple of decades they through bribery of public officials and sponsorship of media companies through there advertising dollars have managed to convince the general public that the problems stem from the government. it is in my opinion the greed of corporations all around the world that are the real villains in the story you are just scratching the surface of.

[@kjmav10135]

The corporations bought off the government, and the government cut their taxes, overlooked regulatory violations . . .

[@TheBigdog868]

Privatize the gains and socialize the losses. When times are good they want government off their back. When times are hard they want government to bail them out.

[@Rebeccasimplydoes]

For most people, they simply have to start living within their means.

[@missreynolds3637]

Bingo

[@paul_domici]

Great video Nicole! I have so many younger friends that make good money and have nothing to show for it! They order food every night and spend everything buying junk they can't afford and don't need! They pay huge amounts in rent and they rent cars instead of buying! Then they complain that they can't get ahead!

[@copperhead13]

Again, it's not that the price of things are going up, but that the purchasing power of your dollar is decreasing. You can thank your governments and central banks for debasing the currency with relentless money printing and endless debt. The only way to protect your wealth is through hard assets.

[@KM-vq4wg]

Yep!

[@LibertyDino]

Pretty much. Inflation gets masked as taxes

[@martinlutherkingjr.5582]

Buy some Bitcoin

[@joanb3907]

Inflation is not a new thing. It’s always been around. Yes corporate greed is a huge problem. Even if prices are lowered people will still over spend. Many people live at or beyond their means. Their paychecks are spent before they even get them. I wish they taught financial responsibility in schools starting at middle school age. I always ingrained in my kids on how important it is and they all grew up to be financially independent adults. Being in my 60s and being debt free is meaning no mortgage or car loans or credit card debt is a fantastic feeling. It is doable for regular people. Thanks Nicole for showing your generation you don’t have to be a slave to debt.

[@laundrygoddess4]

Financial responsibility?? That's not a school issue. That's a family issue. Financial facts should be in more schools but responsibility is a character or family issue

[@zachroberts1988]

Financial literacy is the last thing public education is interested in... They need you to be a debt slave!

[@Newlinjim]

@@laundrygoddess4 and what of the kids not lucky enough to be born into a family able to understand these things. Schools should definitely be focusing on financial education, the stats Nicole presents in the video are the evidence for it.

[@laundrygoddess4]

@@Newlinjim education is about teaching them what's out there. How to make a budget. Investing options. What the commenter was talking about was financial responsibility which means financial behaviour which is a school thing. I grew up with a money moron as a mother and I went to the library, no google then, and learned about personal finance on my own. No reason why people can't do a google now.

[@cherylT321]

@@zachroberts1988Exactly!

[@84photodude]

Living in a 30 Sq ft flat in Hong Kong for a year changed my life. I came back home to MS, realized my area was too remote. I moved to New Orleans in the French Quarter, 250 Sq ft studio apartment. Rent was 1/3 of the average rent in MS, and everything was nearby like groceries, entertainment. Once I have enough coming in from dividend income from stocks, I want to try out Thailand or Philippines. I guess if someone is dead set on staying in one area, you just have to put up with the costs there. But being flexible with where I live opened so many options.

[@LindaDooWop]

Nicole, I just love you! When you pulled your pockets inside-out, you put me in a good mood for the rest of the day. I'm still chuckling!

[@coastalhillbilly3419]

Living through 3 major recessions one thing I’ve learned, good times, bad times not everyone is broke nor flush

[@KevinBallenger]

I was debt free from 2017- mid 2021. It’s been a rough few years.

[@shawnmariemann]

Love the doggo! Great info, hard to hear but easy to understand.

[@RotterStudios]

It's come to the point where I'm not paycheck to paycheck....I've been going a week at negative $300 in the bank and getting a little deeper. It's negative due to auto pay bills. Turning off auto pay. I get paid in a few days and that money is already spent. Can't afford anything. I have no money. I used to be able to pay bills at least a week early. That was quite awhile ago.

[@TheBigdog868]

Here's something I learned years ago. If a months rent is more than a week's paycheck, it's too much house for you. You have to find something cheaper! Years ago, in the olden days, landlords wouldn't rent to people who they knew couldn't afford it. (Banks wouldn't give loans to people they knew couldn't repay either, but that's a story for another day.) The moral is, don't let somebody fast talk you into something you can't afford, whether that's city life, a new car, or that glitzy new hi-rise luxury apartment.

[@tomblewomble3369]

That isn't possible today. Here in London most people spend 50-60% of their earnings on renting a bedroom in a house share, you can't downsize from there. The entire western housing market is broken to keep asset prices high for the benefit of the rich. Until that's fixed there are no changes your working average Joe can make that alter their circumstances.

[@StevenCovey-ct3sx]

I hate paying taxes. A tip is to do some form of home business. You can then write off a room in your house as a tax deduction as well as a percentage of your mortgage etc.

[@keitha.9788]

People simply spend more than they make. And to make matters worse, people finance their debt. Don't blame the banks for your bad decisions....

[@jomr4249]

You’re out of touch with reality

[@keitha.9788]

@@jomr4249 I have no debt, period....

[@davebruins8623]

As a small business owner in the USA...I know first hand that the push to raise the min. wage to $15.00 is why I had to double costs....it impacts everything. my expenses are more due to all businesses raising rates for the same reason.

[@WingraWonder]

Excellent, thank you for your wise counsel.

[@rickturnr]

Wages don't keep up with inflation, it all started in the 80's

[@Newlinjim]

The government prints over and above growth in GDP @ an ever increasing rate+interest.

[@johnathin0061892]

Started in the 1970s. Inflation started when America started really blowing up the debt during the Vietnam War and went crazy since then.

[@rickturnr]

@@Newlinjim money is brought into circulation by bank loans

[@notreallydavid]

High inflation in the UK in the seventies was one of the causes of a rash of strikes, as people saw the value of their wages flopping and asked for larger increases than employers were willing to grant. It was a mess.

[@thorsrensen3162]

My friends have never ever before had newer and larger cars, and never traveled so much and eating so much on restaurants and used so much on luxary goods. I think it could be a reason why so many are broke. So many people are spending much more than they can afford on things they think they have earned the right to own.

[@seltzermint5]

I think this is so true as well. People are emulating social media influencers and celebrities. Instead of new curtains or a week at the beach, it's a totally remodeled house and month in Europe. No savings in the bank. Going out to dinner and drinks and tipping well, which is fine but I'm sorry an evening out shouldn't cost $300 per adult under normal circumstances. People are wilding out.

[@thorsrensen3162]

@@seltzermint5 I try to put as much joy and luxary into my own daily life with my wife and son, but not the expensive luxary. This evening I prepared a traditional and classic dish for dinner. The ingridients were very cheap but it took some time, however the result was really good and I would not have exchanged for a $300 restaurant meal. I dont have to think about money as I dont make these expensive purchases as you mention. I think meny people gradually change life style and use more and more money and suddenly it feels naturally to spend so much every week. Even more than they earn.

[@seltzermint5]

@@thorsrensen3162 completely agree with you. I also think some people are under so much stress at work and in their home life they view the spending as a treat they need to cope. It is sad to me. I also live well with less.

[@lovinglife-tq4pv]

@@seltzermint5 I agree with this. My high school students get their nails done and walk in every day with a $7 coffee. I don't know how anyone can afford it apart from running up credit cards and living paycheck to paycheck.

[@nohandlehere55]

I'm not broke, but I don't feel financially safe...and watching the message from media I feel broke. I am "Dave Ramsey" debt free and have just under $2M net worth (I budget with 30% my gross off the top going to savings/investments first) with a pension coming in 10 years. So yeah, I've saved, invested and lived not caring for sports cars, fancy clothes or going downtown dinners all the time. But I still don't feel secure, though I do what I can and still shop for grocery sales, cook at home, fix what I can when it brakes, living with old appliances and resisting the urge to upgrade for the latest thing.

[@lindahughes9207]

You have just under 2 million, your doing better then most. I too am frugal, had some eye issues which set me back from working for awhile so behind on my goal, wish I had 2 million :) You should be proud of your self what you achieved, its great!

[@nohandlehere55]

@@lindahughes9207 I can't say pride really (I know a couple of folks that are much more wealthy than me) and I would never tell folks in "real life" what I have as that would be boastful. But I passed up on a lot and didn't do a lot to YOLO in my youth. I just prioritized safety as I grew up in modest means and having my parents try to "keep up with the Joneses" and seeing what foreclosures and split-ups from money issues looks like.

[@jonessmith2068]

Good Video! Nicole you know the problem with this video is the people who really need to see probably will not and so they will remain in debt their entire lives.

[@angelapennington4724]

Spoke about CORPORATE GREED....automatically HIT THE LIKE BUTTON! THANKS SISTER for speaking about it!

[@jensmith9812]

Two videos this week nice 🙂

[@richardross7219]

I graduated college in the mid1970s. Most of my friends and I graduated with little or no debt. About 1/2 didn't have new jobs and had to work at the "summer" jobs that they had been doing for years. Most of us only went into debt when we bought a house. In the 1980s, some bought additional houses and buildings to rent out. When the economy collapsed in the late 1980s, many lost everything when banks foreclosed. This made a lot of 40 year olds start over again but, there weren't many jobs. I saw some recover but then get hurt in the 2008 crash. I was brought up with the money sense that you teach. I didn't get wealthy but, I didn't have any big losses either. I'm now retired and am fianancially getting by. Very good video. Good Luck, Rick

[@Jumpman67]

I didn't expect Rick Ross to comment but here we are. Everyday he's hustlin.

[@cheyenne_spring]

Do you not see the paradox? Corporate greed but invest in the companies that have corporate greed? The corporate greed starts with keeping shareholders happy, how do they keep the shareholders happy, keep expenses down (layoffs) and push the prices up as much as they can and increase profits, so that people continue to buy their stocks and stock prices increase.

[@AccordingtoNicole]

The stock market has traditionally returned 8-10% annually. These are the numbers I always reference when talking about investing. However for the last few years, returns have been 20-30% which is NOT normal and NOT a good thing for the public. This is because of corporate greed and price gouging. Inflation has always been a thing. It always will be. That’s the economy works. Groceries don’t need to increase in price by 80% every year or two. Corporate price gouging needs to be federally regulated. The stock market will still generate a decent return, and people won’t starve. 🤠

[@Jumpman67]

You should probably look up the definition of a paradox.

[@fishroy1997]

​@@AccordingtoNicole the "traditional" annual 8-10 percent return accounts for years of 20+ percent returns and has for decades. The sequence of these returns on a year by year basis is not itself evidence of any anomaly.

[@Newlinjim]

The anomaly was keeping interest rates near zero for years thus forcing that capital to seek a return in either equities or real estate. Add into the mix governments who printed trillions into that economy.

[@AccordingtoNicole]

@@fishroy1997 That's exactly the point though. The markets will go up and down, but grocery stores will never lower their prices. When we are in a bull market they blame inflation. When we're in a bear market they'll have another excuse. Increasing costs for essentials are not tied to the economy. It's just price gouging.

[@lindabarnes5235]

Hi Levi ❤

[@AccordingtoNicole]

He says hi 🐾

[@TheNathanMChannel]

I made the mistake of assuming that if I followed the same path my parents did I would achieve the same outcome. It just doesn't happen. The blue collar Boomer's job paid what their kids would have to be a white collar executive to equal. That's not being lazy, that's having the rug pulled out from under you by other forces.

[@kevinroman988]

The most important thing you talked about is wage stagnation because nothing can really work be it saving more, invest, cut expenses m, don’t buy things unless this is fix and this could only be fix by being active in the political sphere and advocating workers representation.

[@marcom2248]

I don't understand why managing money is not taught in school. Obviously the parents are not able to teach their kids about the proper way to deal with money.

[@Nick-ue7iw]

Because schools do such a good job teaching math, English, and science today..... 14 years of schooling and you're not qualified to do any jobs that pay anything close to livable. Worthless education.

[@marcom2248]

@@Nick-ue7iw True

[@tomj528]

I see it everyday...people buy stupid stuff on credit which not surprisingly doesn't make their lifestyle more affordable. I saw for years, coworkers coming in with fast food breakfast, going out for lunch and talking about where they were going for dinner and then complaining several days before payday that they were out of money. Meanwhile they always wanted to know what we had for lunch that smelled so good and where we got it. It was our leftovers from the made from scratch dinner the night before. I'm typing this on an 8 year old Dell laptop I got for free when a relative upgraded. It needed a new charger which I had on hand in my parts bin and a new charging port for $7 and a little over an hour of fun to replace it. I just returned from a 2 week vacation, the only cost being the groceries we'd have bought anyway and 40 gallons of gasoline. This Saturday our small town grocery store has 20% off store gift cards, limit $1,500 so we're going to score the maximum to save 20% off our groceries for the next several months. We only buy sale items so it's quite a bonus. All I see are new ways to save and I have a lot of fun implementing them. Cheers!

[@tomj528]

@AccordinqtoNicoIe Nice try, scammer but no dice, SUCKER!!!!

[@irememberla6460]

So true about corporate greed. I do not see food prices going back to pre-pandemic ones...they are here to stay

[@wt9653]

Instead of thinking corporate greed. Ask questions about why certain foods are higher than normal? Why did avocado price doubled? Why are beef prices so high? Why are egg prices so high? There are answers to each of the questions. It's not corporate greed. Think Mother Nature.😮

[@BrianK-zz4fk]

Food prices will not go down to pre pandemic levels because the government printed trillions of dollars thus making your money worth less. Sorry it isnt corp greed.

[@wt9653]

@@BrianK-zz4fk Beef prices went up with Texas wildfire back in May. Avocado price doubled with the drought in Chile Mexico and California The egg prices went up with the bird flu. Food prices will keep going up as more mouths to feed and Mother Nature doesn't play fair.

[@BrianK-zz4fk]

@@wt9653 beef prices are up because we have the lowest amount of cows in 80 years probably due to climate change zeolots like bill gates buying the farm land but not raising them, I give you the drought, and I buy pasturized eggs and prices havent gone up much, its a factor farm issue(might actually be intentional)

[@irememberla6460]

@@wt9653 true even the price of coffee and chocolate is up due to poorer yields due to climate change

[@rickschlosser6793]

Nicole, S&P 500 ETFs…, you are investing in that corporate ‘greed’. Full Disclosure: So am I. I agree with you that ‘greedflation’ does exist.

[@WoodRabbitTaoist]

That my friend is precisely why I haven't started investing. People say investing is the way to build wealth, but I just can't support a system I am adamantly against. In the meantime I am searching for other ways to build wealth as I save money. I think the key is living an agrarian lifestyle collectively with my friends and neighbors. There are really only 7 things we need and those things are food, water, clothing, shelter, tools, materials, and land to tend to amd grow on. Unfortunately the corporations make getting those things prohibitively expensive. It's about time we learn to be self sufficient again and content with a simpler life.

[@DeanHasAnOpionion]

@@WoodRabbitTaoist you can't win if you don't play. Also, if you own company shares, you get a say in the direction the company goes.

[@trapspamalot]

@@rickschlosser6793 an “old timer” once told me about investing… “leave it alone and hold on for the ride” it will go up and it may go down, people get scared and yank their money out at precisely the wrong time.

[@WoodRabbitTaoist]

@@DeanHasAnOpionion i think maybe you missed the point of what I was trying to say. I don't play because the system is evil. It benifits some at the expense of others and ultimately it robs the majority of the population of time and money. I just can't support that so I'll play a different game.

[@WoodRabbitTaoist]

@@DeanHasAnOpionion also unless you own a huge amount of share of a company you don't really get much of a voice. Do you really think corporations like Blackrock or vanguard, or even entities like the world economic forum are going to let someone with a small amount of shares take things in a different direction than what they already have planned. We need to do something different and regain our freedom and self sufficiency. As long as people keep investing in this system corporations will keep exploiting the population.

[@gingercat555]

Yes ... your video is entertaining .... but the message is clear ... where people fall down is that they do not have self control when it comes to finance and are very easily led straight into debt ... as you correctly stated at first its small amounts that are owed ... then over time those small debts grow into large debt. I was brought up by my parents that always said if you have no bills or debt owing and you have the money to buy some item you want then fine but never on credit ... if you don't have enough money then simple you do not get that item until you can cover the cost fully. I can fully understand people who have children which is a real expense that need things and its so hard to say no so I can fully understand the "on credit" life style ...its never easy.

[@billbrock8740]

All great advice, Niclole! Love the channel and the cute pup! Agreed! I live within my means. House and cars are paid off and I’ve only owned 1 credit card since 2005!! Life is good when you NEVER keep up with the Joneses!!

[@seltzermint5]

absolutely agree! Yes it still can be annoying to see large price increases on things like groceries, but in the larger picture it's not too alarming when you have everything you need within your means.

[@zman4444]

Not broke, it’s ALWAYS about money going OUT, not about money coming IN. Do NOT live above your means, you do NOT need the vacation or new iPhone. NOT ABOUT INFLATION.

[@dangerousdays2052]

An easy-to-understand example of inflation vs greedfalation is the Taco Bell 5-Layer Burrito. In 2009 it cost 0.89. Today it costs 4.95. If we were only accounting for inflation, it should only cost around 1.50 today.

[@FedPut]

If it's greed then someone should be able to get rich undercutting their prices. If you opened a restaurant you'd probably need to charge $10 for the burrito...and would probably still go bankrupt.

[@dangerousdays2052]

@@FedPut Not true. Price isn't the only reason people buy stuff. Go learn basic economics and marketing.

[@Nick-ue7iw]

Basic econ 101: if a corporation jacks up prices to raise profits, you can easily undercut them while remaining profitable.

[@dangerousdays2052]

@@Nick-ue7iw Not true. Price isn't the only factor when people buy stuff. It's just one of many factors. Go learn more about marketing, branding, and price theory.

[@8aemi]

THANK YOU- I really needed this message today ❤

[@or123and]

Invest in healthy food! - It's expensive, yes, but doctors are more expensive!

[@Bill_Cipher1995]

Here for a good time, not a long time😎

[@tancreddehauteville764]

You'll still get ill eventually. And eating greens and lettuce everyday ain't much pleasure.

[@or123and]

@@Bill_Cipher1995 Here for both.

[@Nick-ue7iw]

Chicken breast, rice, and veggies are cheaper then fast food. Stop the cap on healthy equals expensive.

[@or123and]

@@Nick-ue7iw Stop pretending chicken rice was healthy!

[@Time_Traveler_Karen]

Products are using us for advertising with branded clothing 🤨

[@Thesignarizzler123]

Absolutely agree and we’re silly enough to pay to advertise for them 🤔

[@cherylT321]

I’ve never had brand name anything. I never bought into that!

[@rectify2003]

Bery encouraging, if not depressing Only positive happy thing in this video is your Puppy 🙏❤️

[@debbiecreter2005]

You presented the most concise and accurate information about the economy and why we are broke and offer some very helpful and practical solutions to help mitigate it as much as possible. Thank you for this and for your exceptional delivery!

[@Winston7564]

The last thing we need is a woman giving financial advice!

[@AccordingtoNicole]

Comments like this are why your grandkids won’t show up to your funeral.

[@Winston7564]

@ Really? These are the same generation that are brainwashed to think that whoever speaks out truth is a jerk I’m okay not having them coming to my funerals

[@redryder8622]

Really enjoy your analysis. Thank you for sharing your knowledge.

[@dalenjurgens6751]

Oooh, I just heard a game-changer at 3:25. I was doing it wrong. "Saved basic expenses." That's a better way to do it, for sure. Thank you for saying that.

[@Rclsllh]

I enjoy most of your videos and just wanna point out one thing you mentioned. You advised to invest in s&p500 to avoid inflation devaluation but also complained about corporate greed. But it is corporate greed that gave the s&p500 its 8% average ror. Without corporate greed the s&p500 won’t have its high returns. And I am invested in the stock market and also hate corporate greed but am conflicted about these two. I am learning about degrowth. Expecting constant growth in the s&p500 is the result of corporate greed. We expect infinite returns in a finite world so the corporations are looking into every corner possible to squeeze profits which includes shrinking, using cheaper chemical ingredients, manipulative marketing to make people think they need what they don’t need etc. The root of all these if the s&p500 we expect it to constantly grow year over year but at the same time hate corporations greed when they go hand in hand.

[@missreynolds3637]

Awe that cute little face reminded me of my last fur baby, she was almost 14 yrs old when she passed.

[@sunflowerfields4409]

I am a huge advocate for if you don't have the money in your bank account, you can't afford it.

[@davids.9834]

I agree. The one argument to this that people always make is.... "I need a car to get to work and there is no way most people can save 50k". Thats true......... but if people stopped buying the price would have to come down to what people can afford. Most of us have to be onboard.......... and you know here is the USA how so many equate there self worth to a car.

[@Tetus7]

I'd argue if you can't buy it outright twice, you can't really afford it.

[@phillipevans9414]

@@davids.9834 . Yeah, but if you need a car to get to work, you can get one of those for $2k ish (and not have a car payment) - no one "needs" a $50k car. Cheers!

[@sunflowerfields4409]

@@Tetus7 I like that!

[@RealHomeRecording]

Tell that to the government!!!

[@marcdc6809]

A bit of a catch22 there, investing on the stockmarket is becoming owner of the corporates and getting an 8% return is basically only sustainable if enough sillybilly people buy into the corporate bs... But other than that, very good advice here, thanks... I'm also a fan of homesteading, learning skills of self-sufficiency, gardening, raising chickens, repairing stuff. Most of these skills basically pay for themselves if you do it as a hobby and they give you that psychological boost that advertisement tries to give you, but in a much sweeter way.

[@57ESpirit]

Hello ! again. Nicole….Another very insightful informative, video . Keep up the great work ….

[@ljgee1]

Almost everyone 30 to 40 years of age is broke. This was true when I was that age. It is true now. How can it be any other way? Just starting out. Don't make real money. Feeling the pressures of keeping up with the joneses. Then 40 rolls around and things changed for me. Nothing but upward since. Anecdotes are anecdotes. One more thing businesses mostly are evil

[@johnmcquaid7524]

💯 % here for the Puppy. 🐶

[@CK-hu8vz]

Yes, times seem a lot tougher lately. Financially and emotionally as well. The suffering is palpable some days. I am not sure if it is simply in my world, or if this is widespread.

[@bettybotterbutter]

These are the basics and can not be repeated often enough. Thank you Nicole!!

[@sstritmatter2158]

A millionaire on paper today is upper middle class. Good video you have wisdom beyond your years.

[@boot-strapper]

will be very interesting to see when the index fund bubble pops. It's the last bastion for many

[@frithar]

A BONUS NICOLE?!? What did I ever do to deserve this?

[@angiewolf8189]

In my area, wages are WAY up. I'm in a metro area of the US. First year teachers make in the mid 60's plus benefits, for 190 days of work. Experienced teachers, such as my self, make mid 100,00s, plus benefits, for 190 days of work. My first year, I made 12,000. Minimum wage went from $7.25 to $15 in the last couple of years. Home Depot is hiring at $19 per hour and construction workers are making $35 or more. All these are beginning salaries. Corporate greed, some, higher wages make things increase too. Property taxes have skyrocketed because teachers are making so much. Do I deserve the high salary, sure, but tax payers pay more. It's all interrelated. Increase in COL is multifaceted.

[@casienwhey]

A lot of us are doing great, bank accounts full, brokerage accounts are up, got a new car and enjoying vacations. Life is good.

[@Dan-n5h9m]

A lot = top 20%. Nice anecdotal irrelevant bragging though

[@XYtotheZ]

Who exactly is "everyone"? The people I know who have spent their lives slowly building wealth, spending modestly and not spending their days trying to "look rich" are doing more than just fine. Younger people who's parents actually took the time to participate in their kid's lives, guide them, prepare them for the future, save and pay for their kid's college at a state university/ community college while not paying 7X more to send their kids to a out of state party school, etc......today they are doing just fine. Younger people today, who learned how to speak and act (unlike the majority that can barely get through a sentence using the word "like" or "literally") are doing just fine because they are taken seriously and are not 6-8 years emotionally / socially behind their biological age. (Sorry ladies unfortunately that "vocabulary illness" is more prevalent in young women) The major factors affecting the outcomes of people today: Schooling has turned into a baby sitting service where important life topics not taught anymore. Parents are too worried about their social media presence instead of raising and teaching their kids. Parents are too busy trying to "look rich" instead of actually "becoming rich". Too many people are beyond dumbed down now and believe all they have to do is post pictures for the world to see and they will become wealthy. Many people have become too lazy to put in the time, effort, etc. to go after the more advanced careers that require real critical thinking and skills AKA the much higher paying professions/ jobs. The biggest one: People become the "choices" they make in life. Granted, there are some who will never escape the poverty or life they are born into however most people's lives are a direct reflection of their life choices.....like it or not.

[@christinaserpa3306]

As a fellow Canadian I appreciate your videos. There are places in Canada that are cheaper - just like in USA. My son has autism is 4 and the services were non existent in Montreal Quebec. We did a road trip and just looked at all places in the Windsor corridor and now we are moving to Windsor ontario. 2 bed 1 bath house with a yard is less than 300000$, and taxes are lower and his services costs for therapy and occupational therapy are 30-40% cheaper. I have completely remote job and continue getting another master degree part time to stay current and then create a consultation business as a counselor and registered psychotherapist. We have 1 income due to needing to care for our son- my husband had to give up his business as no day care could care for our son. Every service we have has been private.. on the waiting lists for services now going on 3 years. Unfortunately there are options out there , (as we found) but people really have to dig for it. If you don’t have determination and good mental health… people will have trouble seeing the light… there is one though. People have to take the steps to figure things out and then apply it.

[@bingoknows]

Changing jobs every 5 years is best, you’re fully vested in your 401K and resumes with a list of jobs only 2 years max for each job doesn’t look good to employers.

[@lisac1619]

They don't care about that anymore, from my experience.

[@annazudis9850]

Always look forward to your videos

[@georgevavoulis4758]

Thanks

[@Last_day_events]

Everyone wants an emergency fund. It's not so easy. Main expense : Housing, Auto, food.

[@missmaryjanegreen]

Then you must not want it enough because there are hours in the day to side hustle 🤷‍♀️

[@peterwulff469]

- it's easy if you make an effort and don't live beyond your means.

[@Last_day_events]

@@peterwulff469 Easier for some than others. If you have children in college, it's much harder.

[@Last_day_events]

@@missmaryjanegreen Sometimes side hustle is still not enough. It take a while for a side hustle to mature and be profitable.

[@missmaryjanegreen]

@@Last_day_events excuses, excuses

[@desiv1170]

Thanx for the complete view in your vid. There are so many people talking about inflation inflation inflation... But while it is painful, inflation isn't a bad thing. A healthy growing economy will have inflation. Flat prices or worse deflation is generally a really bad sign. (ask Japan) And yeah, greedflation is really important to talk about too! As you mentioned, the problem is wage growth (or the lack thereof). That and housing prices (and rental increases as a result too). I even don't think mortgage interest rates are "the problem." Yeah, its better when they are lower. But historically, 6-7% isn't crazy. And it wouldn't have been thought of as bad, but just normal fluctuations. It's a problem now because housing prices are so crazy high. Interest rates should fluctuate. My parents had an 18% mortgage briefly. It wasn't good, but it wasn't considered world ending because housing prices weren't crazy. Dropping interest rates to "make things affordable" is not making houses affordable. It's just masking the problem, which is that housing prices are too high. And the house pricing to income gap is just getting worse and worse. It's not sustainable.

[@paulbojarczyk7501]

Great advice!

[@AccordingtoNicole]

Thank you!

[@Time_Traveler_Karen]

Connecticut here

[@StevenCovey-ct3sx]

Government greed is worse than any so called “corporate greed”. Income taxes alone are consuming 33% to 43% of your wealth every year. That is before GST and PST! More importantly unlike corporate greed we can’t avoid them.

[@paulbojarczyk7501]

There are alot of really good points made in the video and the comments that are really spot on but there are many more demands on budgets today that didnt exist in the 80s or 90s. Heres a few we didnt have to worry about but many have forgotten. . In some ways its comparing apples to oranges. Start with smart phones $ & monthly bills ( who will give up their phone to avoid the bill (not many) cable tv / streaming, entry level low optioned cars with manual transmission were easier to afford, travel sports were much less prevalent now it now its pay to play , gaming systems were not widespread (Atari), personal laptops at first were for the wealthy (who remembers sharing desktops in computer labs? ) as were VCRs early on, health care co-pays were lower if not fully covered with some jobs. Yes fashion was bland and less expensive. It was also not uncommon to share a car in the family. Just some thoughts but totally agree these times are much more challenging .

[@stevebrown-l1p]

The very last point you made was the best.... Hi Levi.... all the stuff you said befor was good too

[@MichaelRWright]

Love your stuff and have shared with a couple of my friends.

[@robertallen3133]

Another amazing video

[@ninad9626]

Spot on observations! And Levi is a bonus for sure 😁

[@johnnyboyvan]

Isn't this ALL too obvious! 🤔

[@adamr4198]

Switching companies every few years may make sense but also makes me feel uneasy. I agree with switching roles at your company over time (if for no other reason than fighting off boredom). When you land at a good company on a good team it can be very difficult to leave it.

[@kniknayme9865]

Gospel according to Nicole. All true.

[@javaman2883]

For my family of 4, back in 2018 my rent was $1500, groceries $700, car insurance $460, health insurance $380 (plus $400 HSA), gas $300, home energy $240, internet $70, cellphone $280, 5% for IRA, on my income of 98k. Now in 2024 my rent is $2700, groceries $1300, car insurance $915, health insurance $720 (plus $400 HSA), gas $350, home energy $390, internet $75, cellphone $310, 0 for IRA, using credit cards to pay some bills and no more vacations, eating out, fun timefor kids, coffee for the commute. Its all work and now play the past two years. My high paying job has only grown to 109k. All those people getting minimum wage got a big boost in income, non of that rolled up to higher earners, but we all got a 60% cost of living increase. We get screwed and corporate gets record profits year after year.